Carlyle Investor Conference Presentation Deck

Carlyle Presents An Attractive Investment Opportunity Platform Growth & Diversification FEE RELATED EARNINGS |($MM) $192 $350 29% $453 2017 2018 2019 LTM $478 % OF DISTRIBUTABLE EARNINGS FROM FRE 52% 70% 66% 2017 2018 2019 LTM PRICE TO 2021E 23.8x 20.2x 20.1x S&P Peer 1 Peer 500 2 Dividend Yield (NTM) Fixed Dividend 4.4%. Value¹ 3.4% 1.9% CG Peer 3 Peer 4 18.2x 16.0x 15.2x 11 Peer 3 4 Peer CG Variable Dividend 3.7%3.3% Peer 2 Peer 1 2.0% S&P 500 + ● ● ● Technical Improvement Carlyle converted to a Full C-Corp effective January 1, 2020 CG inclusion into indices and benchmarks could drive significant active and passive buying demand throughout 2020 CG trading liquidity up more than 300% YTD 2020 vs 2019 driving more efficient ownership (YTD trading volume/day of 2.6 mm shares/day, or $68 mm/day) Note: Valuation and trading data as of June 5, 2020. Source: Factset. Presented for illustrative purposes only. Please see "Important Information" slides for information about the use of and reliance on projections. 1) Peers include Apollo, ARES, Blackstone, KKR.. 12

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